Argosy Insurance Company Ltd
In 1994 the Tsakos Group established Argosy Insurance Company Ltd as a captive insurer. The fleet’s Hull & Machinery, War Risks and Loss of Hire insurances are arranged with Argosy Insurance Company Ltd, which, in turn, is reinsured with Lloyd’s of London and international “A” rated insurance companies.
The fleet’s excellent long term insurance record and the bulk premium it produces to the reinsurance market, enables Argosy to offer the widest cover and the most competitive insurance terms available to each fleet within the Group, and always, to the satisfaction of the Mortgagees and their legal representatives.
Where there are third party shareholders in any of the vessel groups, an independent international insurance broker, with a NYSE listing, is engaged to scrutinise the insurance terms arranged by Argosy Insurance Company Ltd to ensure best market terms have been offered.
In addition to offering insurance to the Tsakos Group’s vessels, Argosy Insurance Company is also licensed to insure 3rd party business and is therefore able to offer cover to selected marine clients from outside the Group.
Argosy is based in the Channel Islands and managed by JLT Insurance Management (Guernsey) Limited.